Belex drops for the first time since February

The Serbian stock market recorded a decline accompanied by reduced trading volume following three consecutive weeks of growth. The correction came primarily thanks to the Petroleum Industry of Serbia (NIIS), which suffered its first weekly decline in the current year. Total turnover on the market amounted to RSD 107.3m (EUR 0.9m), while the index of the most liquid shares, Belex15, weakened by 0.7% to 891.2 points.

The most active stock was Dunav Osiguranje (DNOS), which recorded a turnover of RSD 10.5m with a slight increase of 0.4% to RSD 1,182. Most of the turnover the stock recorded at RSD 1,200, a level last seen in mid-October last year. According to preliminary data, Dunav posted an FY22 net income of RSD 1.3bn, almost 50% lower compared to the previous year.

Shares in the Petroleum Oil Industry recorded the first weekly decrease since the beginning of November last year when the company announced stellar 9m22 business results. NIS closed the week at RSD 762, down 1.8%, with a turnover of only RSD 3.7m. A drop in investment activity came due to the turmoil in the world financial market, which brought the price of crude oil close to USD 70 per barrel.

Shares in Messer Tehnogas (TGAS) fell slightly to RSD 13,261 with a turnover of RSD 2.8m, while Metalac (MTLC) decreased 3.3% to RSD 1,620 with a turnover of RSD 1.4m. Shares in Belgrade Airport (AERO) slightly strengthened to RSD 1,865 with a turnover of RSD 1.6m, while the preferred shares in Philip Morris (DINNPB) returned above RSD 7,000 on low volume.

WEEKLY REPORT, March 20-24, 2023